When Natural Resources Committee leaders introduced bipartisan legislation to tackle Puerto Rico’s debt crisis, one thing was clear: It isn’t a bailout. And after the committee approved the bill, it preserved that critical principle of protecting taxpayers. 

The PROMESA Act addresses Puerto Rico’s fiscal crisis at no risk to taxpayers, giving the territory the opportunity to make much-needed reforms. The only risk to taxpayer comes if we do not pass this plan.

Last week, we showed you a compilation of op-eds and editorial boards supporting PROMESA—a follow-up to our earlier round-up of conservative praise.

Here are more excerpts to help you understand important PROMESA provisions:

“The heart of the revised legislation remains the establishment of a fiscal oversight board like those successfully modeled in Washington D.C. in 1996 and New York City in 1975. It is empowered to compel the adoption of responsible, balanced budgets and, where necessary, to close government agencies and reduce the island’s bloated government workforce.” (Daily Caller: Andrew Quinlan, Center for Freedom and Prosperity)

“The agreement was a rarely seen exercise in bipartisanship that has come about as Puerto Rico's debt crisis has worsened. The realization set in that the bill was a better option than a taxpayer-funded bailout that the U.S. might have to consider if Puerto Rico's economy continued on its downward trajectory. Some of the amendments themselves were bipartisan.” (NBC News)

“Under Speaker Paul Ryan (R-Wis.), House Republicans are staring at the possibility of an important policy victory. Facing an imminent humanitarian crisis in the U.S. territory of Puerto Rico, a number of courageous House Republicans have stepped up to lead and carry out the important—and not always sexy—function of governing. . . . Unlike TARP or the auto bailout, PROMESA is not a bailout or a free pass for the island of Puerto Rico to continue down its disastrous path.” (Opportunity Lives)

“The revised bill, introduced last week, would put Puerto Rico’s fiscal policy under the authority of a federal control board and establish a legal framework to restructure its $72 billion in debt.” (The Daily Signal)

“In many ways, the bill is a big win for limited government conservatives. It has no taxpayer bailout of Puerto Rico—not a single dime of taxpayer money is sent down there. Rather, Puerto Rico will have to work their own way out of $72 billion in debt and defaults.” (Forbes: Ryan Ellis, Conservative Reform Network)